Last week, I went to the Loyalty Dynamics 2024 event at Sea Containers in London as part of my two-week work experience, arranged by Mando Connect, which had 90 loyalty professionals in attendance. all networking and explaining what the UK loyalty market needs in 2024. I am 17 and buy lots of things, if I have the money, but I am not particularly loyal. The event made me think about the buying behaviours of my generation.
My 3 main takeaways from the event:
- There are 2 systems in the brain – systems 1 and 2. 95% of decision making happens in system 1 whereas the other 5% of decision making happens in system 2
- The goal gradient effect is when we work towards a goal we know is going to happen because we’ve had the same outcome before
- Truly loyal customers consider 4 bonds with a company – financial bond, emotional bond, structural bond, social bond
One thing that surprised me the most was the variable reinforcement – humans respond better to unpredictable rewards as opposed to predictable rewards
It got me thinking about what loyalty reward a brand should offer people of my age group and it wasn’t especially about the reward but more about
the brand staying with current trends, as this would stop me from switching brands that have trendy designs etc
However, discounts are always valuable to us as most of us don’t make much money and so if a company constantly offers discounts for loyalty, I’d be more willing to spend my money with them as I’d be able to afford the product or service they’re offering.
Three things that are important to my age group when buying from a brand:
Style & designs – if they fit in with current trendy designs within the generation then you we will buy more
Brand – brand name is important, if it is popular already then it won’t have a problem selling in the younger generation no matter what the product is so well done to Nike, Hugo Boss and Tommy Hilfiger!
How it’s advertised – if the advertisement is done with influencers who are popular and resonate with the younger generation then we are more likely to invest in the product/service.
My overall summary is that it was a great experience and a wonderful event. I met some lovely people who were really welcoming and provided us with some tasty food and drink, as well as providing us with some great speakers and information on an industry that I knew nothing about.
